PrintFTSE 100 advances as Rolls-Royce and Glencore gain ahead of BoE rate call
BY Reuters | ECONOMIC | 06:03 AM EDT(For a Reuters live blog on U.S., UK and European stock markets, click or type LIVE/ in a news window)
April 30 (Reuters) - London's FTSE 100 index rose on
Thursday, with upbeat results from Rolls-Royce and Glencore
The blue-chip FTSE 100 rose 0.9% to 10,307.19 points by 0942 GMT, while the midcap FTSE 250 edged 0.4% higher.
* Engineering firms were mixed as Rolls-Royce climbed
nearly 6.8% after reiterating its profit outlook, offering the
biggest boost to the benchmark index, while Weir Group
* Glencore
* Global oil prices jumped to a four-year high of more than $122 a barrel on concerns that the U.S.-Iran war could worsen and lead to a protracted Middle East oil supply disruption.
* Rising crude prices stoked inflation worries, bolstering
gold prices, which in turn lifted shares of heavyweights
Endeavour Mining
* The FTSE 100 is up only 1.3% this month, far below European and U.S. benchmarks, as markets view Britain as highly vulnerable to the jump in energy prices due to the country's heavy use of natural gas.
* Political concerns have also weighed with the scandal around Prime Minister Keir Starmer appointing Peter Mandelson, who was linked to the late convicted U.S. sex offender Jeffrey Epstein, as ambassador to the U.S., showing little sign of abating.
* The BoE is expected to keep rates unchanged at 1100 GMT with focus squarely on commentary on the Iran war's longer-term impact on inflation.
* The European Central Bank is also seen holding rates later on Thursday, a day after the U.S. Federal Reserve stayed pat.
* Traders expect the BoE to raise interest rates at least twice by 25 basis points before the end of the year. (Reporting by Medha Singh in Bengaluru; Editing by Vijay Kishore)
